I don't mind being an ultrapeer for other users but I'm sick of spammer IP's using my bandwidth to send their crap.
Here's what I've found out:
I found free sites where you can get info on IP's. (Even the ones with mostly letters and weird looking code. Like: CPE001636640878-CM00111A59BCEC.CPE.NET and ool-4578e7c6.dyn.optonline.net)
I think IPCHECKING.COM is the easiest to use.

After typing in endless lists of IP addresses found on LW (under my 'Hosts' column in the 'Connection' tab)...I got sick of typing. About 65% of the addresses I put in were Blacklisted Spam IP's.
They pop up faster than you can Block them and faster than you can Remove them.
Spam IP's either:
1. Send nothing but SPAM
2. Are small time spammers using their personal internet accounts
3. Are open-relays (not properly configured mail servers allowing anyone to use them)
4. Spam friendly ISP's that allow their customers to run amuck, hacking and spamming (Adelphia and Comcast are PRIME examples!!)
They have no legal right to spam you. It's YOUR bandwidth they are connecting to and taking resources from.

I found an amazing program listed way back in LW's old forums. "Peerguardian". I installed it. It worked like magic. My download speeds were consistently over 200kB/s...(whereas before I was lucky to maintain 45-70kB/s with broadband wireless!)
After only minutes it was blocking over 10 million bad IP's. My download speeds were flying!
Then I found out that it's still in beta stage and doesn't work so great with Vista (which I have) or Windows 7.
What a surprise - nothing works with Vista
Ok, but Peerguardian worked SO WELL while it was running that I'm not giving up on it. I'm sticking with it until they fix it.
Maybe this will help some of you who have other windows versions.

P.S. NEVER download anything video until you Right Click on the file in the search column.....scroll down to Advanced>Lookup file with Bitzi.